• Friday, June 14, 2024
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BusinessDay

Nigeria’s economic growth depends on operations of Dangote refinery -Kale

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Yemi Kale, Partner and Chief Economist, KPMG in Nigeria noted the Nigeria’s economic growth is dependent on the operations of the Dangote refinery. key global macroeconomic issues in the first half of 2023.

He said this at the CEO Forum hosted by BusinessDay on the 13th of June 2023, at Eko Hotel,

“We expect the economy to be at 2-3 percent but depends on the impact of the Dangote refinery utilization,” Kale said

He also noted that global inflation is going down, meaning that people are responding to the tightened monetary policy, indicating a response to the global recession and economies returning to normalcy.

“ Most people assume that the worst is over.”

“The global economy moving from 6 percent to 3 percent means the economy is moving to normalcy, doesn’t mean it is going down,”

He also noted that he expects the hike interest rate to be in early 2024 or the late quarter of 2023 given normalcy returning.

He noted that over the years, Nigeria’s growth has been stunted by over-reliance on oil, years of political instability, the government taking the wrong approaches or policies and the external shocks, which are symptoms of the general issue going on in the Nigerian economy.

“To diversify the Nigerian economy, there is a need to make the non-oil sector more productive,” Kale said.